Oil, Oil Prices | featured news

Crude oil rose to a seven-month high and gasoline surged after Goldman Sachs Group Inc. said prices may reach $85 by the end of the year as demand recovers and supplies shrink.

The U.S. price of gasoline jumped 19 cents a gallon during the past two weeks, but remains well below prices from a year ago.

The recession may have slashed demand while supplies have swelled, but oil is being hoarded as producers and investors await an economic recovery.

Oil prices hit a six-month high above $66, buoyed by falling US stockpiles and revised US first-quarter GDP figures.

Oil prices rise to their highest in six months, buoyed by hopes that the worst may be over for the world economy.

An oil price of $50 per barrel is too low for OPEC producers to invest in production and non-member countries, including Russia, should cut output to help boost prices, OPEC's secretary general said Sunday.